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The Union Cabinet, led by PM Narendra Modi, approves a Rs 69,725-crore package to boost India’s shipbuilding, including SBFAS, MDF, and a National Shipbuilding Mission.
News18
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a Rs 69,725-crore package to boost India’s shipbuilding and maritime industry, Information & Broadcasting Minister Ashwini Vaishnaw announced on Wednesday, September 24.
The package introduces a four-pillar approach designed to strengthen domestic capacity, improve long-term financing, promote greenfield and brownfield shipyard development, enhance technical capabilities and skilling, and implement legal, taxation, and policy reforms to create a robust maritime infrastructure.
Under this package, the Shipbuilding Financial Assistance Scheme (SBFAS) will be extended until 31 March 2036 with a total corpus of Rs 24,736 crore. The scheme aims to incentivise shipbuilding in India and includes a shipbreaking credit note with an allocation of Rs 4,001 crore.
A National Shipbuilding Mission will also be established to oversee the implementation of all initiatives.
In addition, the Maritime Development Fund (MDF) has been approved with a corpus of Rs 25,000 crore to provide long-term financing for the sector. Furthermore, the Shipbuilding Development Scheme has a budgetary outlay of Rs 19,989 crore.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
September 24, 2025, 15:22 IST
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